KYC is at the heart of securities regulation. If advisors don't want to do it for seniirs then do not take them on as clients. I think DSC is the worst form of compensation for a professional advisor- most of the world is parting ways with commissions but Canada is hanging on-and retail investors are paying a heavy price as seen in the Cummings and other reports.

DSC's have a place in the business, however it has be done wisely, younger clients, LIRA's for 40 year olds are fine which there are a lot of these days. Over 60 no chance. I had one client who insisted so that he would not touch the money for 7 years,

Why would any one have a problem with using DSC for a client over 60, when the client typically wants to with draw 5 to 8 % per anum. Capturing the 10% free units per year and moving to FEL 0% in the same fund allows a client of any age free cash flow DSC free. Granted some one in their late 70s or early 80s or some one in poor health different story. If DSC upon death is a concern use seg funds where DSC is forgiven upon death.Clients do not like paying fees.

I support the Cummings report findings- trailer commissions cause harm to investor returns. It is not just DSC that it is the issue, it is the conflict of interest inherent in the trailer sales commission. Also as assets rise, the amount of trailers paid outstrips the service provided- great for salespersons, not so good for trusting investors. We should follow the rest of the world and ban trailers and let advisors become true professionals.